Times-Advocate, 1980-08-13, Page 10Montreal Toronto Hamilton
Brampton
St.Cathartnes
PortColborne tlelowel
Goderich
Winnipeg.
Calgary ,
Ertmenion
Prince Geeree Vancouver
$ 5,395
70,000
$75,395
$1,981,261
(198,659)
•
1. ACCOUNTING POLICIES
a) Statement of Revenue and Expeeditere
Thee sta tement reflects the revenues and expenditures of the revenue
fund and the following local boards and municipal enterprises:
Township of Stephen - 'Waterworks
Centralia Centennial Community Centre
Dashwood community Centre Board
Crediton CoMmunity Park Board
Stephen Township Community Centre Board
Huron Park Community Centre Board
Stephen Township Arena
b) Statement of Capital Operations
'nip statement reflects the capital expenditure 'of the municipality to
be recovered from the general municipal revenue of the municipality
and its local boards and municipal enterprises as described in note
1(a).
c) Balance Sheet
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, reserve funds and local boards and municipal
enterprises as described in note 1(a).
d) Fixed Assets
The his torial cost and accumulated depreciation of fixed assets is
not reported for municipal purposes. Instead, the "Capital outlay
to be recovered in future years" which is the aggregate of the principal
portion of unmatured long term liabilities, capital funds transferred
to other organizations, and the cost of capital projects not yet
permanently financed is reported on the Balance Sheet.
e) Municipal Enterprises
Municipal enterprises are 'those activities whose costs are substantially
recovered from service charges on the users. The enterprises of this
municipality whose revenues and expenditures have not been consolidated
in these financial statements are:
Dashwood Public Utilities Commission - Hydro
f) Charges for Net Lrng Term Liabilities .
Debt retirement costs including principal and interest are charged
against current revenues in the periods in which they are paid.
Interest charges are not accrued for the periods from the dates of
the latest interest payaments to the end of the financial year.
$.49.05.,583
2. b) Capital outlays, including fixed assets and the transfers of capital
funds in the amount of $77,204, which have been financed from general
municipal revenues of the current year, are reported on the Statement
of Revenue and Expenditure.
3. RESERVE FUNDS
During the year, $75,395 were credited directly to reserve funds without
being recorded as revenues and expenditures of the Revenue Fund. Major
sources were:
Interest earned
0.H.R.P. grants
4. NET LONG TERM LIABILITIES
The balance for net long term liabilities reported on the Balance Sheet
is made up of the following:
Taal long term liabilities incurred by the municipality
including those tsscurred on behalf of former school boards,
other municipalities and municipal enterprises and
outstanding at the end of the year amount to
Of the long term liabilities shown above, the
responsibility for payment of principal and interest
charges has been assumed by others for a principal
amount of
The total value of sinking funds and the balance in
the Ministry of the Environment Debt Retirement Fund
which have been accumulated to the end of the year to
retire the outstanding long term liabilities included
above, amount to
Net Long Term liabilities At The End Of The Year
(8,758)
$1,773,844
5. ACCUMULATED NET REVENUE (DEFICIT) AT THE END OF THE YEAR
The balance in the revenue fund at the year end is available to reduce
(to be added to) the levies of the following classes of ratepayers,
1979 1978
General ratepayers $(19,630) $(77,081)
Designated ratepayers 37,502 29,444
School board ratepayers 21 68
Region (County) ratepayers 440 937
$ 18,333 $(46,632)
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilitieg'were as follows:
1579
Principal payeents including contributions to
sinking funds and to the Ministry of
1978
Environment. $209,840 $176,128
Interest 97,436 75,543
$307,276 $251,671
Of the total charges sheen above $300,768 were paid from general municipal
revenues of the municipality and are included in expenditure on the Statement
Of Revenue and Expenditure classified under the appropriate functional
headings. The remaining $6,508 were recovered from Municipal enterprises
for which the related let long term liabilities were incurred.
7. LIABILITY FOR VESTED SICK LEAVE CREDITS
Under the sink leave benefit plan, unused sick leave can accumulate and
employees may become entitled to a cash payment when they leave the
municipality's employment.
The liability for these accumulated days, to the extent thee they have
vested and could be taken in cash by en ernployee on terminating, amount
to $10,264 at the end of the Yeay, No provision hat been made fOr this
liability.
8, RESTATEMENT OF 1978 FIGURES
Certain figures from the previous year have been restated to reflect changes
in allocation from 1978.
LIAAILITIES
'Current liabilities
Temporary leans 284,963 . 4,13,761
Accounts payable and, accrued liabilities. 64.17e 30,999
Other current liabilities 24,129 2,206
373,264 446,966
Net long term liabilities 1,773,844 1,669,645
Reseeee$ and reserve funds 280,179 207,824
Accimelated net revenue (deficit) and
unapplied capital receipts 18,333 (46,632)
2,072.35ee 1,830,837
2,445.620 2,277,803
2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEAS
a) Some capital outlay to be recovered in future years does not represent
a burden on general municipal revenues,: as it is to be recovered in
future years from other sources:
le 1979 ,. • 1978 •
ese,
Special charges on bene'iitting
Landowners
Municipal enterprises
$1,849,132
$1,735,800
56,451 57,991
Exeter was third
St. Marys wins meet
St. Marys proved to be the
top team in the Lake Huron
zone semi-final swim meet
held atthe Exeter swimming
pool Saturday.
The team from the cement
town amassed 344 points
followed by Goderich who
finished a distant second
with 188 points.
Exeter's entry placed
third with 155 points while
Seaforth took fourth spot
with 148 points.
Finishing in fifth and sixth
places were Kirkton and
Vanastra with 140 and 117
points, respectively.
In the girls 13 and 14
medley relay, first place
winners were Exeter's team
Lori and Lynn Stephens,
Brenda Waldeck and Tena
Brand.
Joan Osgood came fifth in
the girls 13 and 14 individual
medley relay. Penny
Parrent came third in the
girls 8 and under 25 metre
freestyle and Chantelle
Keller, Sharon Boersma and
Sandra Baarda placed in the
girls 9 and 10 freestyle.
In the boys 11 and 12, 50
metre freestyle; Sean
Whiteford placed first and
Ken Boersma placed sixth.
Tena Brand came second in
the girls 11 and 12 freestyle.
Outstanding performances
were made by Brenda
Waldeck; placing first, Lori
Stephens second, and Lynn
Stephens third in the girls 13
and 14.50 metre freestyle.
Chantelle Keller came
fourth in the girls 9 and,10,25
metre backstroke.
Sean Whiteford placed
second in bays 11 and 12
backstroke and Karla
Josephson came fifth in the
girls 11 and 12 backstroke.
Lori Stephens and Kelly
Livingston placed first and
fourth in the 13 and 14
backstroke.
Penny Parrent placed
fourth. David Josephson
came fifth in breastroke in
his age category. Chantelle
Keller and Sharon Boersma
placed first and second in the
girls 9 and 10 breastroke.
Boys 11 and 12 breast
stroke racers were Ken
Boersma placing second.
Jeff Heywood placing third
and Danny Morley placing
fifth. Lynn Stephens placed
first in breast stroke.
Second and third place
winners were Sharon
Boersma and Sandra Baarda
in the girls 9 and 10 butterfly
event.
Sean Whiteford placed
second and Ken Boersma
placed fourth in butterfly,
Tena Brand won in her age
group of butterfly. Brenda
Waldeck also placed first
and Joan Osgood came sixth.
Motocross race action
continued Sunday afternoon
at Bully Gully with the first
racein the second half of the
race. season.
Sunny skies and warm
weather warmed the spirits
of many spectators. The
fastest lap time of the day
was recorded by Allan Logue
of Hamilton, who performed
a great race, which was 2.5
minutes.
The day's results are as
follows: Small wheels:
Galen Caley, Norwich, R:
Randy Ford, Grand Bend;
Pat Sharp Guelph,
Experimental 80: Chris
Beaumont, Chatham; Scott
Wilson, London, Ian Mellors,
Cambridge.
Large Wheels: Rob
Kuenzig, Cambridge;
Dwaine Fenton, Chatham;
Randy guest, Milton.
Junior 125: Sam
Providenti, Paris; Stuart
Galloway, London; Robert
Davies, Aylmer.
Boys 11 and 12 freestyle
relay was won by Exeter's
team of Sean Whiteford, Ken
Boersma,, Danny Morley,
and Jeff Heywood.
Exeter's team of Janine
Sellers, Karla Josephson,
Nancy Durand and Brenda
Thompson placed third.
Girls 13 and 14,200 metre
freestyle, relay was taken by
Brenda Waldeck, Lori and
Lynn Stephens and Tena
Brand. In the last event the
boy's open 200 metre
freestyle relay, Exeter's
team Dave Robinson, Bruce
Anderson, Brian Mercer and
Steve Wells placed first.
These swimmers placed in
the top sixth of each event
and therefore will go to the
finals on August 23 held in
Mount Forest.
Junior 250 Don Van
Patter, St, Thomas; Bernie
Sinits, Sarnia; Mark
Naglich, Windsor.
Junior Open: Bill Mitchell,
Newbury; Bob Viscarol,
Newbury; Blair Grover,
Markham,
Senior 125: Mark Baxter,
Port Burwell; Daryl Betts,
Wardsville; Dave Beatty,
Sarnia.
Senior 250: Eric Jackson,
London; Mike Burr,
Caledonia; Chuck Collins,
Varna.
Senior open: Bob Markle,
Cambridge; Doug Miller,
Guelph; Gary Burke, Lucan,
Expert 125: Dave Taff,
London; Allan Logue,
Hamilton; Wayne Ryerson,
Clinton,
Expert 250: Wayne
Ryerson, Clinton; Allan
Logue, Hamilton; Dave Taff,
London.
The next sanctioned race
at Hully Gully is on August
31, and is an all class event.
Motocross action
GREAT VALUES
FREE 1/2 Pint of
Half and Half
Cream
(Reg. Value 49)
With Purchase of Each Bag Of 3
Quart Beatrice Quality Chek'd
2% Milk.
Cigarettes
Regular $8.12
King Size $8.22 carton
Limit 2 per customer
carton
Sylvania Soft
Light Bulbs 2k g of
66 40, 75
and 100 waft
Kids' Korner
Hostess Chips
Buy One And Get 254 One Free
Effective Wed., Aug. 13 to Sun., Aug. 17
DISCOUNT
STORE HOURS
9:00 - 9:00 p.m.
Sundays
12:00 Noon - 6:00
WE RESERVE THE RIGHT TO LIMIT
2354661 QUANTITIES WHILE SUPPLIES LAST
I A )
433 IVIAIN ST. EXETER
Toastmaster Table Pride
Bread
Limit
4 to customer 45t
Downy
Fabric Softener
3 litres
Pre-Priced
$3.59 5 3.23
SHIP OF STEPHEN
9. FINANCIAL ,.REPORT
IVIacGillivray'er Co,
Chattered Accountants
Ake-
IN HORSE SHOW - The recent Exeter saddle dub open horse show featured a number of
local contestants. Sho'wn above are Barb Parsons and Karen Dietrich. T-A photo
Bottle?
44TheSquare.OoderIch,Ontarlo
M7A.SZ.Z
(519)524,W?
International
Spicer and Oppenheim
TO: The members of council, inhabitants
and ratepayers of the Township of Stephen
We have examined the financial atitements of the Township of Stephen
and its loofa boards and consolidated munteipal enterprises for the year ended'
December 31, 1979. Our 001'1U-at/en was merle in accordance with generally
accepted auditing standards and accordingly includedssuch testa and other
procedures as we considered necessary in, the circumstances except that our
examination' of the books and records, of the local boards wee limited to en
examination of the "receipts and disbursements as recorded in. the books of the
lecal. boards,
In our opinion, subject to the above comments, these financial, statements
present fairly the financial position of the Township of Stephen and its local
beards and consolidated municipal enterprises as at December 31; 1979 and the
results of its operations for the year then ended in accordance with accounting
principles generally accepted for Ontario municipalities applied On a besets
consistent with that of the preceding year.
CHARTERED ACCOUNTANTS
1979
Budget
$
Accumulated net revenue (deficit) at (75,000) the beginning of the year ,
1979
Actual I
$
. (46,632)
1978
Actual s
. (13,202) .
Expenditures and transfers
Municipal expenditures ,
General government . 105,700
Protection to persons and property . es, 85,529
Transportation services . 261,228
Environmental services 18,000
Health services
Social and family services
Recreation and cultural Services 18,500
Planning and development . 302,693
Other
. 113,909
. 84,925
. 337,312
. 62,372
.
. 50,869
. 300,768
. 100,799
100,821
. 350,806
. 76,098
.
.
. 37,025
. 248,610
•
• Total expenditure 791,650 . 950,1.55 . 914,159
Transfers
Transfers to region or county . 204,998
to school boards . 572,827
, 209,024
, 587,126
. 216,778
. 522,443 Transfers
777,825 Total transfers , , 796,150 . 739,221
Total and transfers expenditures .1,569,475 .1,746,305 , 1,653,380
•
Revenue by purpose
Municipal purposes . Taxation . 239,894
Paymehts in lieu of taxes , 54,200
Ontario grants , 247,625
Other grants 2 ,500
Fees and service charges 292,693
Other . 30,813
1
. 271,346
. 51,967
. 259,858
9,487
. 369,296
, 53,710
, 270,834
. 53,512 •
. 235.555
, 8,839
. 283,670
, 31,728
Revenue to for municipal . 867,725 pay purposes .1,015,664 , 884,138
Region or county requisition
Taxation „x160,029
Payments in lieu of taxes . 6,050
Ontario grants . 37,767
Other
. 164,063
. 6,263
. 38,201
•
. 171,927
, 7,304
, 34,499
.203,846
Revenue the or county requisition, 4:... 208,527 . 213,730
to pay region
. e ( School board requisition' " er r X572,904 Taxation eti Payments in lieu of taxes
Other .
- . 586,926
•
153
'•
. 521,921
•
161
Revenue to the school board requisition ." 572,904 pay . 587,079 . 522,082
•
Total revenue 1,644,475 i .1,811,270 .1,619,950
Accumulated net revenue (deficit) at
the end of the year 18,333 (46,632)
Analysed as follows:
General reveque .
Region or county '440
School boards - ,21
Special charges .
Special areas .
Local boards
• Municipal enterprises -.
•
•
(25,733)
.
.
.
37,502
, 12,509
(6,406)
.
•
. (73,617)
. 937
. 68
.
. .29,444
. 7,362
. (10,826)
.
.
• . 18,333 . (46,632)
• -..
Unfinaneed capital outlay (Unexpended capital
financing) at the beginning of the year
1979
Actual
$
255,708
.
1978
Actual
s
361,340
Capital expenditure
,
General government
Protection to persons and property
Transportation services
Environmental services
Health services,
Social and family services
Recreation and cultural services
Planning and development
Other
• 2,419
• -
• 189,414
• 128,254
. .
-
. 3,727
, 219,300
1,842
• 3,904
• 45,457
• 242,480
• 96,017
. .
. 12,947
498,800
Total expenditure 544,9.56 . $.994 6.05 _
Capital financing
Contributions from the revenue fund
Contributions from reserve funds
and reserves
Long term liabilities incurred
Ontario grants
Other .
. 77,204
. -
. 314,700
. 71,724
167.693
• 150,850
• 7,900
• 497,600
• 102,552
246 „335
Total financing capital 631091 1,005,237
Unfinanced capital outlay (Unexpended 189,343 255_1708 capital financing) at the end of the year
ASSETS
Current assets
Cash
Taxes receivable
Accounts receivable
Other current assets
197b
Actual
$
. 93440
175,646
127,905
. 10,239
. - ----
e06e,930 . e
1978
Actual
$
. 67,673
. 116,861
. 87,852
. 181,128
. - -
290_0.14
Capital outlay to be recovered in
future years
Other long term assets
1,943,183
, 95,507
• . .
1,92$,349
- 61,940
2,038,490 1,987,289
2,445,620 2,271,803
Goderich, 'Ontario,
April 8, 1980.
LICENCe NO. 94